Business World

DoF still pushing through with mines privatizat­ion


THE GOVERNMENT is still proceeding with a plan to privatize state-owned mines, with Basay Mining Corp. being the first in line, as it looks for new sources of revenues amid the prolonged pandemic, Finance Secretary Carlos G. Dominguez III said.

“Regarding the Basay mines project, I don’t know yet how much the exact valuation is and how we will bid it out, but that is the first mine we are doing,” Mr. Dominguez told reporters on Aug. 17.

Last year, the Department of Finance (DoF) chief ordered the Privatizat­ion and Management Office (PMO) to review all government-owned mines ahead of a plan to sell these assets to raise more revenues.

In October, the DoF said Basay Mining’s copper mines in Negros Oriental, as well as the nickel mine of Marinduque Mining and Industrial Corp. (MMIC Bagacay Mine) cannot be operated due to the “legal concerns” which are hindering the privatizat­ion of these assets.

PMO estimates at that time showed Basay Mining may have at least 105 million tons of copper ore and could generate at least P1 billion. Its operations were suspended in 1983 due to insufficie­nt funds.

Newspapers in English

Newspapers from Philippines